Hello All!
I have a question for you all…I am brand new, and looking to start the whole process of REI. My question for someone with little-to-no cash and ok credit is this…How does one start? Do you look for the properties first, or start to put together a team/network? How do you come up with the initial funds once you find a profitable deal?
I have heard some different theories here, and am just looking for a consesus opinion. Thank you to all who respond.
hahaha i tried to resist but the bet is to go look at 100 homes in your area, or at least a significant amount. All configurations, all different square footage, BR, B, etc. Try to get a grasp what makes a good deal different from a dud.
Keep a log, when ur done with that coem back and everyone will giev you the next step.(I am in the first step and it has helped a boatload, I haev made contacts and am looking to make my first wholesale deal).
jpstephens…Thank you for the direction. I appreciate the response. I will do just that. Am I looking at homes for sale? Open Houses? FSBOs? Or just ALL of the above? I guess this is going to get me networking regardless…but let me know if I am looking at everything! Thanks so much for your input!
Everything, I was basically yelled at until I started doing this. You need to get a handle of market price. What I did was make a spreadsheet and sorted by sq footage and BR, B, Yard Size, etc…I listed all the hoems i found in that terrirtory and am building an avg comp sheet.
jpstephens - Thanks again. It sounds like a very organized way to compare and understand the market. I will get started right away, and get back online once I have been through the first 100. I appreciate your reply, and direction!!!